Last night I couldn’t sleep again, staring at the on-chain data, watching a bunch of “steady arbitrage” opportunities, but I felt more and more uneasy. You think you’re just picking up money, but often you’re actually helping others collect transaction fees: the sandwich group isn’t watching the coin, they’re watching your urgent order, quickly sandwiching it from both sides, taking slippage + gas fees together. To put it simply, the small price difference on the screen might not even be enough to cover tuition fees.

Actually, now I see suddenly widened spreads and I tend to pull back first, preferring to miss out rather than provide liquidity. Anyway, during airdrop season, everyone’s doing tasks as intensely as working, platforms are still anti-witch hunts and running points systems, on-chain is more crowded and chaotic, the more “lively” the pool, the more it seems like someone is collecting tolls at the door… I just keep small positions, tighten stop-losses, and if I can sleep peacefully, I consider it a win.